Finastra, a well-known company dedicated to providing financial services in the banking sector, will use Ripple’s blockchain technology to enable fast cross-border payments. The partnership will allow financial institutions using Finastra’s solutions to make fast and reliable cross-border payments.
Details of the partnership between Ripple and Finastra
Finastra was founded in 2017 by the merger of Misys and D+H and today offers the widest range of financial services software in the world, including banking services, banking operations, loans and treasury.
As many as 90 of the world’s top 100 banks use Finastra’s technology.
Finastra’s solutions focus on growth, cost optimisation and risk mitigation for its customers.
Finastra’s banking customers currently process millions of transactions every month.
As part of its partnership with Ripple, Finastra’s customers will be able to connect and transact with RippleNet’s partners, i.e. with more than 200 financial institutions worldwide.
Users will also be able to send international payments which feature tracking, simple visibility of rates, delivery times and transaction status. They will also be able to use On Demand Liquidity, which uses the XRP token for cross-border payments.
A partnership between Ripple and Finastra, the official statements
Marcus Treacher of Ripple stated:
“We’re thrilled to be partnering with a forward-thinking company like Finastra to bring Ripple’s technology to their many customers. Finastra is an established fintech player and works with a majority of the world’s top banks. This partnership will enable Ripple to expand the reach and solutions for our partners.”
Riteesh Singh, Senior Vice President of Finastra, was very excited about the collaboration between the two companies:
“Finastra’s collaboration with Ripple is another strong example of Finastra’s belief that the future of finance is open, and it demonstrates our commitment to bringing the latest innovations and choice to our customers. Collaborating with a company like Ripple that harnesses innovative blockchain technology to provide fast and reliable cross-border payments is particularly beneficial for our customers in geographies where cost of correspondent banking is high.”